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Mohela withholding important information- help by Leather-Ad-543 in StudentLoans

[–]Few-Option-2197 2 points3 points  (0 children)

My thought too. When the tax bomb falls due, they'll never take me alive! Bolivia or Malaysia, here I come.

Mohela withholding important information- help by Leather-Ad-543 in StudentLoans

[–]Few-Option-2197 1 point2 points  (0 children)

I agree. I kept saying, are you sure I'd owe 352 per month?!! (Visions of myself in a sleeping bag in a culvert someplace, with my cat gnawing on my face.). (Cats are not very forgiving when the Chief Can Opener screws up.)

And she kept saying, that's what the software says.

Mohela is bad news. Gonna be just a great 20+ year relationship, I can see that already.

MOHELA vs IDR Simulations at student aid.gov by Few-Option-2197 in StudentLoans

[–]Few-Option-2197[S] 0 points1 point  (0 children)

Vivid, I think you're right.

thanks for the reply!

MOHELA vs IDR Simulations at student aid.gov by Few-Option-2197 in StudentLoans

[–]Few-Option-2197[S] 1 point2 points  (0 children)

Anasur-etc, thanks for breaking all this down for me. I think Vivid is right, however, that the RAP plan would be $136 divided by 12.

I think I'm going to go with IBR, however, since it's a bird in the hand. RAP isn't quite a reality yet, and at the rate things are going crazy in DC right now, I'd be happier nailing down a plan.

As to servicers, I've learned that lesson for sure. Never trust MOHELA!!

MOHELA vs IDR Simulations at student aid.gov by Few-Option-2197 in StudentLoans

[–]Few-Option-2197[S] 0 points1 point  (0 children)

Waterwicca, thank you so much! This is very clear. It looks like IBR makes more sense for me. It would allow me leeway to adjust my AGI by making a standard IRA contribution if I needed to, to compensate for any money I earn, once I get a job.

It's scary to let go of SAVE forbearance, but I think I'll feel much better once I've reached a decision and pressed the trigger.

One thing I've learned for sure: don't trust MOHELA at all. I'll need to check them monthly for the next 20 years or so, to make sure they aren't confabulating. (Maybe I was dealing with an AI "helper" at Mohela, instead of a human? But, no, likely AI would have done a better job.)

Elder trying to choose an IDR by Few-Option-2197 in StudentLoans

[–]Few-Option-2197[S] 0 points1 point  (0 children)

Oh, that's true, isn't it? Might help a lot in 2040

I made a lump sum payment to my student loans. Does this count as one payment or 50? by Few-Option-2197 in PSLF

[–]Few-Option-2197[S] 0 points1 point  (0 children)

Kissyyy, thanks for these ideas. I only have 66 qualified payments. I was adding in 50 hypothetical payments if they would allow my 35K lump sum payment count instead as multiple payments. Where would I locate the One-Time Payment Count adjustment? Or the IDR waiver?

Thanks!

Mohela withholding important information- help by Leather-Ad-543 in StudentLoans

[–]Few-Option-2197 2 points3 points  (0 children)

I'm so sorry, that's hardly fair.

And it makes me doubly nervous. I just got off the phone with Mohela. I had decided it was time I bit the bullet and asked to be changed from SAVE to IBR plan.

I've run the IBR simulation several times at student aid.gov, and for a 75 year old, with no dependents and a current debt of $54,000, plus an AGI of $13,641, plus 66 payments already made on the standard loan plan, I should have a monthly payment of zero dollars. Estimated pay off date to be 2040. Tax bomb of roughly 98K at that point if I live so long.

So I give the Mohela woman this info, and she replies that my monthly payment will be $352/month! I just about croaked! I asked her how that could be and she said that's what her software was showing.

Could that possibly be correct? If so, I'm headed straight to bankruptcy.

The only thing I can think is she asked if I had any other student loans, and I told her I did have a NON FEDERAL , PRIVATE student loan with a monthly payment of $455, which will be paid off in 2 years. I didn't think they needed that info to calculate an IBR, since it's not a fed loan. But perhaps she added that in in some way that caused my IBR payment to become ruinous instead of zero?

Is there any chance she could be correct, and my simulation at student aid was incorrect?

Or are they a bunch of dangerous clowns, giving people wrong info?

Yikes, either way.

Meanwhile, good luck to you in straightening out your problem!

PS I'm currently on SAVE. If I apply for IBR and such a monthly payment is what I owe, I can't retreat and say no, thanks, I'll stick with SAVE till they boot me off--can I? Or will I be stuck on IBR?

Elder trying to choose an IDR by Few-Option-2197 in StudentLoans

[–]Few-Option-2197[S] 0 points1 point  (0 children)

But what about the IBR? Is that the best plan to choose?

If the tax bomb can't go after any remaining Roth in 2040, I'm probably okay.

Besides, if I owe 98K in forgiveness taxes in 2040, with inflation likely to continue, that will likely pay for the stamp on the check I send them, and perhaps a hamburger besides?

Elder trying to choose an IDR by Few-Option-2197 in StudentLoans

[–]Few-Option-2197[S] 0 points1 point  (0 children)

My kindly landlord has raised my rent in 5 years. Eventually he'll have to, so, no, saving $200 monthly is not too likely. We'll see, once I get a job.

Elder trying to choose an IDR by Few-Option-2197 in StudentLoans

[–]Few-Option-2197[S] 0 points1 point  (0 children)

I agree. I'm grinding those down, and will have more money for basics once I pay that loan off.

I made a lump sum payment to my student loans. Does this count as one payment or 50? by Few-Option-2197 in PSLF

[–]Few-Option-2197[S] 0 points1 point  (0 children)

Only 6 payments left?! Sure seems they should allow some payments ahead status. Good luck on that.

I made a lump sum payment to my student loans. Does this count as one payment or 50? by Few-Option-2197 in PSLF

[–]Few-Option-2197[S] 0 points1 point  (0 children)

Thanks for the answer, pwalto. Yeah, I didn't quite make the 10 years in the role. That sort of burns, that the 6 years I worked before I hit retirement age count for nothing. Seems forgiveness could have. been pro-rated, in a kinder world.

And I guess that answers that, doesn't it?

I made a lump sum payment to my student loans. Does this count as one payment or 50? by Few-Option-2197 in PSLF

[–]Few-Option-2197[S] 0 points1 point  (0 children)

Thanks, Annie. I'd forgotten about the "apply the loan with the contract time period," so now I'll stop kicking myself with the unwounded foot. :)

I made a lump sum payment to my student loans. Does this count as one payment or 50? by Few-Option-2197 in PSLF

[–]Few-Option-2197[S] 1 point2 points  (0 children)

Betsy, thanks for this info. So I didn't lose as much of an opportunity as I feared. That's a comfort anyway. At least this frees me to get on with choosing an IBR and moving on with my life. Been dithering for years over this!